The cost of living has risen dramatically over the past decade, leaving many middle-class families struggling to afford basic necessities and experiences that were once accessible. From groceries and healthcare to entertainment and housing, the financial strain is felt across various aspects of daily life. Grocery prices have surged, with items like eggs seeing a 124% increase since 1990.
The average American household’s monthly grocery bill exceeded $500 in 2022, forcing families to cut down on non-essential items. Fresh produce and meats have also seen significant price hikes, with increases of 9% and 10%, respectively. The cost of feminine hygiene products has risen by 36%, exacerbating “period poverty” among middle-class households.
This has significant socio-economic and interpersonal ramifications, impacting the health and well-being of young women and menstruators. Breakfast cereals have become more expensive, with prices increasing by 14.2% year-over-year. Fast food and beverages from popular chains have also seen price increases, making these once-affordable options less accessible.
Entertainment expenses, such as streaming services, have become a luxury for many middle-class families. The average American spends $61 monthly on streaming, but rising costs in other areas force families to cut back on these subscriptions. Preventative healthcare has taken a hit as families struggle financially.
Middle-class financial insecurities deepen
Even those with insurance face challenges in affording deductibles and finding time for medical appointments. For uninsured families, the barriers are even higher, leading to lower rates of both preventative and reactionary care.
The cost of raising children has also increased significantly. The average American family spends nearly $300,000 raising a single child to the age of 17. Childcare costs have risen, with over 67% of parents paying 20% or more of their annual income on childcare.
Experiences like hosting family holidays, going to concerts, staying in hotels, and sending kids to summer camp have become increasingly unaffordable for middle-class families. The cost of pet ownership has also drastically increased, with annual expenses reaching nearly $2,000. Eating out at restaurants, purchasing second-hand clothing, and maintaining basic health routines like dental cleanings have become financial burdens.
The cost of owning a home or paying rent has also skyrocketed, with consumers spending more than 35% of their income on housing. Even fast food meals and household appliances have become costly, making them luxuries for many families. The rising prices at farmers’ markets have made it challenging to prioritize organic and nutritional foods.
The financial landscape has significantly changed over the past decade, turning once-accessible items and experiences into luxuries that many middle-class families can no longer afford. This trend reflects broader economic challenges and growing financial insecurities faced by the American middle class.
